An Oil and Gas Boom for Southeast Asia ?

“The Financialist” ( a creation of Credit Suisse, apparently) has an article on the competition for south east Asia’s offshore oil reserves – An Oil and Gas Boom for Southeast Asia?. Weirdly it’s published as one large image…   Peak Energy

Goldman Sachs – “360 projects to change the world”

The fact that they have now begun to produce oil from Kashagan and that we know the project costs are $48 billion gives me reason to look at a report that Goldman Sachs presented in March 2012, ”360 projects to change the world”. They have studied how much oil and gas the various projects are […]

North Dakota Oil Output Could Hit 1 MMbod by Year-End

Oil production in North Dakota, home to the prolific Bakken formation, could hit 1 million barrels per day (bpd) as early as at the end of this year, the head of the state’s Mineral Resources Department said on Tuesday. Data issued by the department on Tuesday showed production rose 35,000 bpd in August to more […]

U.S. Becomes World’s Top Oil Producer in 2013, PIRA Says

The U.S. is expected to overtake Saudi Arabia as the world biggest total supplier of oil this year when natural gas liquids and biofuels are added to crude, PIRA Energy Group said. The U.S. is projected to produce an average of 12.1 million barrels a day of liquids in 2013, 300,000 barrels a day higher […]

Fossil Fuel Euphoria: Hallelujah! Oil and Gas Forever!

For years, energy analysts had been anticipating an imminent decline in global oil supplies.  Suddenly, they’re singing a new song: Fossil fuels growing scarce?  Don’t even think about it!  The news couldn’t be better: fossil fuels will become ever more abundant.  And all that talk about climate change?  Don’t worry about it, they chant.  Go […]

Saudi Arabia to Join US as Shale Gas Producer

OPEC heavyweight Saudi Arabia is preparing to be among the first countries outside North America to use shale gas for power generation and thereby save more of its crude oil for lucrative exports. Inspired by a shale gas boom in the United States, which has transformed the country from the world’s largest gas importer to […]

UAE says crude output is at the right level

* $100 a barrel is sustainable – minister * Sees no sign of OPEC changing quota in December * UAE Sept output at 2.7 to 2.8 mln bpd * Angola official content with oil prices OPEC’s crude oil production is at a suitable level for the market and there is no talk of the cartel […]

Tech Talk – life gets more difficult at Gazprom

There was a time, not that long ago, when if I was short of a topic for a post, I could Google “Gazprom” and there was sure to be a story out there about another expansion, or take over of a national pipeline – or some other sign of the companies growth and power. But […]

US Energy Production is Booming

DeGolyer Library, Southern Methodist University, Dallas, Texas After last week’s discussion of the Affordable Care Act, it would be easy to drift off into all of the negative consequences of the current problems in Washington DC. There’s just so much negative energy every time you turn on the TV that it simply drains you.I am […]

US as oil producer top dog? It’s a question of timing.

So exactly when will the US shale revolution allow the world’s biggest oil consumer to topple Saudi Arabia as the biggest global oil producer? The International Energy Agency reignited the perennial supply topic Friday with its latest monthly oil market report. According the report, the US will, at least, replace Russia as the world’s number […]

OPEC oil output less than 30 million b/d

Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) fell below 30 million barrels per day (b/d) for the first time in more than two years in September, as maintenance work at Iraq’s southern facilities slashed the country’s exports and Libyan production was further reduced by ongoing strikes and protests, a just-released […]

IEA Sees Oil Output Outside OPEC Rising Most Since 1970s

The International Energy Agency estimates that non-OPEC oil producers led by the U.S., Canada and Kazakhstan will bolster supplies next year by the most since the 1970s, undermining the need for OPEC’s crude. Producers outside the Organization of Petroleum Exporting Countries will increase 2014 output by a near-record 1.7 million barrels a day to 56.4 […]

Shell’s Shale Oil Shutdown: 1-800-Dry-Hole

By Steve Andrews. Early last week, Shell Oil announced it was shutting down its oil shale research project in western Colorado. Combine their departure with Chevron’s exit back in February 2012 and you can count another nail in oil shale’s coffin. Yet since this unconventional resource ranks among the largest in the world, estimated by […]

Shell chief warns of oil crunch without more investment

Royal Dutch Shell chief executive Peter Voser is to call on the global energy industry to continue investing heavily in costly new production projects to avoid a return to the days of record high oil prices weighing on global growth. ”Supplying the world’s energy needs will be extremely tough,” Mr Voser will say in a […]

Kazakhstan Oil and Gas Minister: Global oil production will peak in 2030

Global oil production is expected to peak in the 2030s, Tengrinews reports citing Kazakhstan Oil and Gas Minister Uzakbai Karabalin. “Energy consumption is expected to grow 30-40 percent by 2030. The planet’s population will reach 8 billion people and China and India will be home to around one third of the population,” the Minister said […]

Heinberg: Chapter 3 – A Treadmill to Hell

This article is an excerpt from Richard Heinberg’s new book SNAKE OIL: How Fracking’s False Promise of Plenty Imperils Our Future. Given the urgency and importance of the issues we are serializing the book here at Resilience.org Read Part 3: Chapter 2 – Technology to the Rescue The tiny ghost town of Desdemona is situated in […]

Balancing Geological Potential and Political Risk: Interview with Tony Hayward

Did you ever wonder what happened to BP’s CEO Tony Hayward who was forced to resign during the Deepwater Horizon oil spill? We caught up with Tony the other day and spoke about his new company, Genel Energy and covered in great detail the opportunities within Kurdistan and Somaliland. It’s a very interesting interview as […]

Is the US the World’s Largest Oil Producer?

From te article Move over, Russia: U.S. is now the world’s biggest oil and gas producer According to the above chart the US has surged ahead in “petroleum” production while Russia has dropped into third place and Saudi is coming in second. And this is from the EIA. But what does are they counting here? The […]

What if the Norwegian oil economy is a bubble?

Two hundred and fifty thousand Norwegian jobs depend on oil. These jobs are expensive, require high technical skills and place upward pressures on national salary levels ( Norwegian manufacturing wages are 70 percent higher than the EU average). For a small country like Norway, this many oil jobs could be a recipe for financial disaster […]

As US Oil Production Revives, New Vulnerabilities Appear

The expansion of US oil production is centered in a handful of states, and in particular two whose gains more than offset declines in two former production leaders. For various reasons the West Coast has missed out on this revival, straining infrastructure and creating new vulnerabilities that should be addressed. On the front page of […]

Fracking May Provide Most of US Energy Despite Environmental Concerns

Some of the largest known reserves of natural gas are located in the United States; our country alone has an estimated 2,400 trillion cubic feet of recoverable gas. Fracking, the process of injecting gallons of water, sand and chemicals underground at a great pressure in order to extract gas and oil from shale rock formations, allows […]

Shell Opens Iraqi Oil Field

PLC officially opened Iraq’s Majnoon oil field in the south of the country on Sunday, aiming to reach 175,000 barrels a day in the coming weeks and passing a big milestone for both Shell and Iraq. Majnoon, located near the city of Basra in southern Iraq, is one of four major fields that the country […]

Gazprom Says on Track for Year-End Launch of Arctic Field

Gazprom has announced that it is on track to begin oil production this year at the Prirazlomnoye Arctic oil project that has ignited protests from environmental groups over the dangers of possible oil spills. “As was envisaged, production is expected to start by the year-end,” Gazprom Neft Shelf, a unit of Gazprom, said in an […]

An Energy Boom That Could Last

For a bursting oil region like Texas, experience is an asset Oil and natural gas are old energy — as old as it gets. But increasingly, the technology used to extract them is cutting-edge. “Over the last 20 or 30 years, there’s been more technological leaps out of the oil and gas industry than there’s been […]

Coal miners suffer as U.S. production of natural gas increases

Anyone old enough to remember the gas lines of the 1970s during the Arab oil embargo might be surprised by the Wall Street Journal report which says the U.S. has overtaken Russia as the number one producer of oil and natural gas. But the increase in natural gas production has had a devastating impact in […]

Casting doubt…or when it’s useful to question your own oil forecasts

It’s a brave man who heads a statistical agency and then admits publicly that its forecasts are guaranteed to be wrong. But that is the stance that Adam Sieminiski, Administrator of the US Energy Information Administration, took when he addressed a meeting of energy analysts earlier this week at the Royal Institute of International Affairs […]

U.S. Is Poised to Overtake Russia as Largest Oil-and-Gas Producer

The U.S. is poised to overtake Russia as the world’s single largest producer of oil and natural gas combined this year, a startling shift that is reshaping energy markets and eroding the clout of traditional petroleum-rich nations. Shale-rock formations of oil and natural gas have fueled a comeback for the U.S. that was unimaginable a […]

Heinberg: Chapter 2 – Technology to the Rescue

This article is an excerpt from Richard Heinberg’s new book SNAKE OIL: How Fracking’s False Promise of Plenty Imperils Our Future. Given the urgency and importance of the issues we are serializing the book here at Resilience.org Read Part 2: Chapter 1 – This is What Peak Oil Looks Like BUY THE BOOK Fracking will end […]

Is the Texas Barnett a harbinger for the Pennsylvania’s Marcellus?

Late Friday afternoon, former U.S. Congressman Newt Gingrich told oil and gas industry attendees at the 2013 Pennsylvania Marcellus Shale Insight Conference, “There are people who don’t want this future, who don’t want these competitive ideas,” referring to ongoingshale gas development in the Pennsylvania Marcellus. At the same time Gingrich was in Philadelphia speaking at the industry’s annual conference, the University of Texas released […]

EIA June Data Is Out, Some Major Revisions

The EIA released its International Energy Statistics. This link is to their C+C stats. I don’t track ethanol, bottled gas or refinery process gain, only oil. There were some major revisions to the April and May data and lesser revisions for the February and March data. The data below is in kb/d. April World C+C […]

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